Answer to Question #249069 in Microeconomics for Jim

Question

Show your answers through graphs. Dont forget to put labels of each of the curves if its:

 

D  (original demand)      D1  (rightward/increase)      D2    (leftward/decrease)

S   (original supply)        S1  (outward/increase)        S2   (inward/decrease)

(no need to put the set of prices and set of quantities, just show the price and quantity axis and the curves per item) 

*Suppose the prices of condensed milk and cream used in the production of mango float falls from 35 php to 30 php., the consumers are motivated to __ the quantity. What about the producers willingness and ability to produce condensed milk and cream considering the fall in prices?

Answer 1

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